ࡱ> ` ]bjbj 4U&nKnKnKnK,K&ZLZLZLZLZLZLZLZL:<<<?{pp[8h[\WZLZL\W\W[ZLZLp*]*]*]\WZLZL:*]\W:*]*]2:ZLNL @&PnK"Y΋.. 0([$(\(,ZLO*]|R TZLZLZL[[]ZLZLZL\W\W\W\W&&&E*KD&&&*K&&& Dr. Mohammad S. Bazaz Foreign Currency Transaction Factors cause foreign currency exchange rates to change: The price of a foreign currency (the exchange rate) is governed by the laws of supply and demand. The following factors affect supply and demand: Relative domestic inflation rates Foreign inflation pushes the direct exchange rate down Domestic inflation pushes the direct exchange rate up. Interest Rates Countries may increase their interest rates to attract capital, thereby creating demand for their currencies. Trade deficit or trade surplus In recent years, US has approximately $100 billion annual trade deficit. Service deficit or service surplus US has roughly $70 billion service surplus a year Over 400,000 foreign students attending US colleges, which brings about $85 billion. Nearly 40 million foreigners visit the United States annually, spending over $55 billion. Investment deficit or investment surplus. The US has had sizable annual investment surpluses UK, Japan, the Netherlands, and Canada are primary investors in the US. Federal deficits Government-imposed restrictions on currency transfers. Civil disorders and wars. The interrelationship between foreign trade and foreign investment Japanese dealers (for example) can use their accumulated dollars from their trade surplus in various ways such as: Acquire U.S. Products. Acquire US services Acquire US real estate Acquire US companies Acquire US treasury securities Trade and investment relationship can be formulized as: Trade deficit - Service surplus = Investment Surplus Accounting for Foreign Currency 1939 1953 1973 1975 1981 1998 ARB NO. 4==>ARB No. 43 ==>SFAS No. 1==> SFAS No. 8==>SFAS No. 52==>SFAS No. 133 Translation Methods: -Current - Con-current method -Monetary- Non monetary Method -Temporal Method -Current Rate method Objective of Translation (Under SFAS No. 52): Providing information that is generally compatible with the expected economic effects of a rate change on an enterprises cash flows and equity. Reflecting in consolidated statements the financial results and relationships of the individual consolidated entities as measured in their functional currencies in conformity with US generally accepted accounting principles. Terminologies: Foreign currency Local (recording) currency Reporting (parent) currency Functional currency Functional Currency: is the currency of the primary environment in which it operates, (subject to decision of management). Factors when functional currency is not obvious: -Sales Price -- Local C. -Sales market -- Parent C. -Expenses -- Local C. -Financing -- Local C. -High volume of trade -- Parent C. Exchange Rates: Spot Rate (SR) Historical Rate (HR) Current (Balance sheet) Rate (CR) Forward Rate (FR) Floating, Fixed, and Multiple Exchange rates The Euro: January 1, 1999, the Euro became the common currency for most of the counties (Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Spain, and more). January 1, 2002, all non-cash transactions were denominated in the Euro. January 1, 2002, the conversion schedule called for the issuance of paper currency. June 30, 2002, the conversion to the Euro for all business and consumer transactions was scheduled to be complete and the old national currencies of the participating countries will no longer be used. Foreign Currency Transaction: One-transaction perspective Consider the original amount recorded for a foreign merchandise purchase as an estimate, subject to adjustment when the exact cash outlay required for the purchase is known. Thus, this perspective emphasizes the cash-payment aspect, rather than the bargain-price aspect, of the transaction. FASB rejected this approach Two-transaction perspective Supporters argue that an importers or exporters assumption of a risk of fluctuations in the exchange rate for a foreign currency is a financing decision, not a merchandising decision. This approach was sanctioned by the FASB, SFAS No. 52. SFAS No. 52: - No forward contract: -At the date of Transaction - record at SR -At each balance sheet date. -adjust to the CR -Any gains/losses recognized in the current income. Examples: 1. On Nov. 1, 2000 a US. firm sold merchandise for CN$100,000 to a Canadian firm. On Jan 25, 2001 collected CN$100,000. On Jan 31 converted the CN$100,000 into US$ Assuming: Nov. 1 Dec. 31 Jan. 25 Jan 31 Spot Rate $0.75 $0.80 $0.78 $0.82 Journal entries: 11/1/00 Account Receivable (fc) $75,000 Sales Rev. $75,000 12/31/00 Account Receivable $ 5,000 Exchange Gain $ 5,000 1/25/01 Cash (fc) $78,000 Exchange Loss $ 2,000 Account Receivable (fc) $80,000 1/31/01 Cash $82,000 Cash (fc) $78,000 Gain on Exchange $ 4,000 Foreign Currency Derivatives and Hedging Activities Under FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, Such contracts are considered derivative instruments. Based on SFAS 133, derivative instruments represent rights or obligations and should be reported on the financial statements. Fair value is considered the only relevant measure for derivative instruments. Three situations in which forward exchange contacts are used (SFAS 133): To speculate in foreign currency exchange price movements A fair value hedge: To hedge an exposed foreign currency assets or liability To hedge a firm commitment To hedge a net investment in a foreign entity. A cash flow hedge: To hedge a foreign currency forecasted transaction. Speculation: -a forward contract is valued at FR throughout the life of the contract. FR is considered as fair value of the contract at any time. -Exchange gains or losses on forward contracts are included in the income statement of the period in which the forward exchange rate changes. Example: On Nov. 1, 2001a US firm entered into a contract to purchase CN$100,000 at a 180-days forward exchange rate. Assuming: Nov. 1, 2001 Dec. 31,2001 April 30,2002 Spot Rate $0.75 $0.80 $0.84 120-days future $0.76 $0.77 $0.83 180-days future $0.78 $0.81 $0.87 11/1/01 Contract Receivable (fc) $78,000 Contract Payable ($) $78,000 12/31/01 Exchange Loss $ 1,000 Contract Receivable (fc) $ 1,000 4/30/02 Cash (fc) $84,000 Contract Receivable (fc) $77,000 Exchange Gains $ 7,000 Contract Payable ($) $78,000 Cash $78,000 Hedging an exposed Net Assets or Net Liability Position: Business Net Position Forward Contract Exporters Account Receivable To sell Foreign Currency Importers Account Payable To buy Foreign Currency Forward Rate Spot Rate Forward Rate to sell to purchase <-------------x--------------------------x----------------------------x---------------> Discount Premium A forward contract is recorded at the forward rate (FR) while the underlying assets or liability is recorded at the spot rate (SR) (and adjusted to these respective rates and values at the financial statement date). Over the life of the contract, the initial difference between the SR and the FR is the cost of hedging the exchange rate risk. Forward contract (denominated in foreign currency) is always recorded at its fair value, FR. Under SFAS133, both the exchange gain and the offsetting loss must be reported in current earnings. Perfect Hedging Partial Hedging Example: On Nov. 1, 1999 a US firm Sold CN$100,000 to a Canadian company to receive in 90 days. Assuming: Nov. 1, 1995 Dec. 31 Jan 31, 2000 Spot Rate $0.80 $0.78 $0.74 30-days future $0.78 $0.76 $0.75 60-days future $0.77 $0.73 $0.735 90-days future $0.75 $0.74 $0.745 11/1/99 Account Receivable (fc) $80,000 Sales Revenue $80,000 Contract Receivable ($) $75,000 Contract Payable (fc) $75,000 12/31/99 Exchange Loss $ 2,000 Account Receivable (fc) $ 2,000 Exchange Loss $ 1,000 Contract Payable (fc) $ 1,000 Jan 31, 2000 Cash (fc) $74,000 Exchange Loss $ 4,000 Account Receivable (fc) $78,000 Contract Payable (fc) $76,000 Cash (fc) $74,000 Exchange Gain $ 2,000 Cash $75,000 Contract Receivable $75,000 Hedging an Identifiable Foreign Currency Commitment FC commitment is a contract or agreement denominated in FC that will result in foreign currency transaction at a later date. An identifiable foreign currency commitment differs from an exposed assets or liability position because the commitment does not meet the accounting tests for recording the related asset or liability in the accounts. A forward contract that is a hedge of a firm commitment is based on the forward rate, not the spot rate. There is no requirement that the life of the forward contract has to be at the foreign currency commitment date; however, the required accounting for the forward contract must begin at the designation date. Example: On October 2, 1999 a US firm contracts with a Canadian firm for delivery of 1,000 cases of bourbon at a price of CN$ 100,000. The bourbon is to be delivered in March and payment made in Canadian dollars on March 31, 2000. In order to hedge this future commitment, the US. firm purchases 100,000 Canadian dollars for delivery in 180 days at a forward exchange rate of $.775. Assume: Conditions of SFAS No. 133 are met and: Oct. 2, 1999 Dec. 31 March 31,00 Spot Rate $0.75 $0.74 $0.73 90-days future $0.78 $0.76 $0.75 180-days future $0.775 $0.73 $0.735 10/2/99 Contract Receivable (fc) $77,500 Contract Payable ($) $77,500 12/31/99 Exchange loss $ 1,500 Contract Receivable (fc) $ 1,500 This loss is offset by the increase in the value of the underlying firm commitment shown below: 12/31/99 Change in value of firm commitment in CN$ $1,500 Exchange gain $1,500 (CN$100,000 x ($.775 - $.76)) Assuming that the discount factor of annual interest rate of 10% and remaining life of three month is material, then the discounted loss that per SFAS 133 should be calculated as the present value of $1500 discounted for three month: $1,500(1+.025)-1 = $1,463. The entry of 12/31/99 should be: 12/31/99 Exchange loss $ 1,463 Contract Receivable (fc) $ 1,463 This loss is offset by the increase in the value of the underlying firm commitment shown below: 12/31/99 Change in value of firm commitment in CN$ $1,463 Exchange gain $1,463 3/31/00 1. Contract Payable ($) $77,500 Cash $77,500 2. Cash (fc) $73,000 Exchange loss 3,000 Contract Receivable (fc) $76,000 3. Change in value of firm Commitment in CN$ $3,000 Exchange gain $3,000 4. Purchases $77,500 Change in value of firm Commitment in CN$ $ 4,500 Accounts Payable (fc) $73,000 5. Accounts Payable (fc) 73,000 Cash (fc) $73,000 Hedging a net investment in a foreign entity: Gains and losses are recorded as translation adjustments of stockholders equity This is necessary because Translation gains and losses also reported as translation adjustments to stockholders equity. Hedges of investment in foreign subsidiary with US dollar functional currency is considered as speculation. Example: Suppose a US firm has investment in 40% of UK firm. On December 31, 1999 the balance of investment is $1,280,000, equal to 40% of 2,000,000 pounds, book value of equity (net assets) of the UK firm at the exchange rate of $1.60. The US firm to hedge its investment in the UK firm against foreign currency exchange risk may borrow 800,000 pounds for one year at 12% interest on Jan. 1, 2000 at the SR of $1.60. The loan is denominated in pounds with interest and principle payable on Jan. 1, 2001. The records are: Jan 1, 2000 Cash $1,280,000 Loan Payable (fc) $1,280,000 On Nov. 1, 2000 the UK firm declared and paid 100,000 pounds dividend (PR=$1.75). Nov. 1, 2000 Cash $70,000 Investment in UK firm $70,000 On Dec. 2000 the UK firm reported net income 400,000 pounds (avg. rate =$1.70 and the CR=$1.80). Summary of UK firms Equity: British Pounds US Dollar Owners Equity on Jan 1, 2000 2,000,000 @$1.60 $3,200,000 Net income 400,000 @$1.70 680,000 Dividends (100,000) @$1.75 (175,000) Equity Adjustment currency change -- 435,000 Net Assets on Dec. 31, 2000 2,300,000 $4,140,000 Dec. 31,2000 Investment in UK $446,000 Income from UK firm $272,000 Equity adjustment* $174,000 Equity Adjustment* $160,000 Loan Payable (fc) $160,000 Interest Expense $163,200 Exchange Loss 9,600 Interest payable $172,800 Jan 1, 2001 Interest Payable $ 172,800 Loan Payable 1,440,000 Cash $1,612,800 The balance of equity adjustment in the book of US firm would be only $14,000 ($174,000 - $160,000). Equity Adjustment is also called as Other Comprehensive income as it is required per SFAS No. 130 to be reported at comprehensive income. Cash Flow Hedge of an Anticipated Foreign Currency Translation A committed transaction qualifies as a foreign currency fair value hedge, where as an anticipated foreign currency transaction is considered a foreign currency cash flow hedge. A cash flow hedge applies to a derivative designated as a hedge of the foreign currency exposure of a foreign-currency-denominated forecasted transaction (SFAS No. 133) With an anticipated foreign currency transaction, there is no basis for adjusting the value of underlying transaction as was done with the committed transaction. Therefore, the offset to the change in the value of the derivative contract (which still must be carried at fair value (FR), per SFAS No. 133) is to other comprehensive income (equity adjustment). Any inefficiency in the derivative contract will show up in the current income, as with any other derivative contract. Example: Using the data under the example of foreign currency commitment above but assuming an anticipated, rather committed, transaction requires the following journal entries. 10/2/99 Contract Receivable (fc) $77,500 Contract Payable ($) $77,500 12/31/99 Other comprehensive income $ 1,500 Contract Receivable (fc) $ 1,500 Journal entries on March 31, 2000 to account for foreign currency transaction and related forward contract are as follows: 3/31/00 1. Contract Payable $77,500 Cash $77,500 2. Cash (fc) $73,000 Other comprehensive income 3,000 Contract Receivable (fc) $76,000 3. Purchases $77,500 Other comprehensive income $ 4,500 Accounts Payable (fc) $73,000 With this entry, the gain or loss would effectively become part of regular income when the underlying purchases are sold or used. 4. Accounts Payable (fc) 73,000 Cash (fc) $73,000 References Baker, R., V. Lembke, and T. King, Advanced Financial Accounting, 5th edition, 2002, McGraw-Hill Company, Chapters 11 &12, pp.587-716. Bazaz, M., D. Senteney, and R. Sharp, 1997. Currency Exchange Rate Exposure of U.S.-Based Multinational Corporations: The Usefulness of SFAS No. 14, Geographic Segment Disclosures. Advances in International Accounting, Volume 10, pp.1-26. Bazaz and Senteney, "The Impact of Accounting Regulatory Events Upon Earning Response Coefficients: The Case of SFAS No. 8 and SFAS No. 14," Asia-Pacific Journal of Accounting, December 1996, Vol. 3, No. 2, pp. 219-238. Bazaz, M. and R. Parameswaran, "A New Approach to the Problem of Harmonizing International Accounting reports," Global Financial Journal, Fall 1995,Vol. 6, No2, pp.155-174. Bazaz and Senteney, "The Impact of SFAS No. 8, Translation Procedures upon the Equity Security Price Response to U.S. Based MNE's Earnings News", Advances in International Accounting, 1995, Vol. 8, pp.51-65. Beams, F., J. Brozovsky, and C. Shoulders, Advanced Accounting , 7th Edition, 2000, Prentice Hall, Upper Saddle River, New Jersey, 07458. Callaghan and Bazaz, "Comprehensive Measurement of Foreign Income: The Case of SFAS No. 52", The International Journal of Accounting, 1992, Vol. 27, No. 3, pp. 80-87. Larson, E. John, Modern Advanced Accounting, 9th edition, 2003, McGraw-Hill Higher Education, Chapters 11-13, pp.490-619. Financial Accounting Standards Board. 1973. Statement of Financial Accounting Standards No.1. Disclosure of Foreign Currency Translation Information. Stanford, Conn. _______. 1975. Statement of Financial Accounting Standards No. 8. Accounting for the Translation of Foreign Currency Transactions and Foreign Currency Financial Statements. Stanford, Conn. _______. 1981. Statement of Financial Accounting Standard No.52. Foreign Currency Translation. Stanford, Conn. _______. 1998. Statement of Financial Accounting Standard No. 133. Accounting for Derivative Instruments and Hedging Activities. Stanford, Conn. Senteney, David, Mohammad s. Bazaz, and Ali Peyvandy, Assessing Currency Exchange Rate Exposure Using Geographic Segment Disclosures: The Impact of Currency Specific Type and Degree of Exposure, Advances in International Accounting, 26 pages, 2003, Forthcoming. Problem #1 Transactions with Foreign Companies Harris Inc. had the following transactions: On September 1, Harris Inc. purchased parts from a Japanese company for a U.S. dollar equivalent value of $8,000, to be paid on February 20. The exchange rates were: September 1 1yen = $.0070 December 31 1yen = $.0075 February 20 1yen = $.0081 2. On November 1, Harris Inc. sold products to a Swiss customer for a U.S. dollar equivalent of $10,000, to be received on March 10. The exchange rates were: November 1 1 S. franc = $.70 December 31 1 S. franc = $.66 March 10 1 S. franc = $.68 Required: Assume the two transactions are denominated in US dollars. Prepare the entries required for the dates of the transactions and their settlement in US dollar. Assume the two transactions are denominated in the applicable local currency units of the foreign entities. Prepare the entries required for the dates of the transactions and their settlement in the local currency units of the Japanese company (yen) and the Swiss customer (S. franc). Problem #2 Gain or loss on Speculative Forward Exchange Contract On December 1, 20x1, Sycamore Company acquired a 90-day speculative forward contract to sell 120,000 British pound at a forward rate of 1 = $ 1.61. The rates are as follows: Forward Rate Date Spot rate For March 1 December 1, 20x1 1 = $ 1.61 1 = $ 1.59 December 31, 20x1 1 = $ 1.65 1 = $ 1.62 March 1, 20x2 1 = $ 1.585 1 = $ 1.585 Required: Prepare appropriate journal entries for the period of December 1, 20x1 through March 1, 20x2. Show the effects of this speculation on both 20x1 and 20x2 incomes before taxes. Problem # 3 Purchase with Forward Exchange Contract and Intervening Fiscal Year-End. Pumped Up Company Purchased equipment from Switzerland for 140,000 francs on December 16, 20x1, with payment due on February 14, 20x2. On December 16, 20x1, Pumped Up also acquired a 60-day forward contract to purchase francs at a forward rate of SFr 1 = $.67. On December 31, 20x1, the forward rate for an exchange on February 14, 20x2, is SFr 1 = $.695. The spot rates were: December 16, 20x1 1 SFr = $.68 December 31, 20x1 1 SFr = .70 February 14, 20x8 1 SFr = .69 Required: Prepare journal entries for Pumped Up Company to record the purchase of equipment, all entries associated with the forward contract, the adjusting entries on December 31, 20x1, and entries to record the payment on February 14, 20x2. What was the effect on the income statement of the hedged transaction for the year ended December 31, 20x1? What was the overall effect on the income statement of this transaction from December 16, 20x1 to February 14, 20x2? Problem #4 Hedge of a purchase (Commitment without and with Time Value of Money Considerations): On November 1, 20x6, Smith Imports Inc. contracted to purchase teacups from England for 30,000 pounds (). The teacup were to be delivered on January 30, 20x7, and payment would be due on March 1, 20x7. On November 1, 20x6, Smith Imports entered into a 120-day forward contract to receive 30,000 pounds at a forward rate of 1 = $1.59. The forward contract was acquired to hedge the financial component of the foreign currency commitment. Additional information and data for the exchange rate is: Assume the company uses the forward rate in measuring the forward exchange contract and for measuring hedge effectiveness. Spot and exchange rates are: Forward Rate Date Spot Rate For March 1, 20x7 November 1, 20x6 1 = $1.61 1 = $1.59 December 31, 20x6 1 = $1.65 1 = $1.62 January 30, 20x7 1 = $1.59 1 = $1.60 March 1, 20x7 1 = $1.585 1 = $1.585 Required: What is Smiths net exposure to changes in the exchange rate of pounds for dollars between November 1, 20x6, and March 1, 20x7? Prepare all journal entries from November 1, 20x6, through March 1, 20x7, for the purchase of the subassemblies, the forward exchange contract, and the foreign currency transaction. Assume Smiths fiscal year ends on December 31, 20x6. Assume interest is significant and the time value of money is considered in valuing the forward contract and hedged commitment. Use a 12 percent annual interest rate. Prepare all journal entries from November 1, 20x6, through March 1, 20x7, for the purchase of the subassemblies, the forward exchange contract, and the foreign currency transaction. 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